In large saucepan, combine sugar, corn syrup, and water. Cook and stir over medium heat for about 10 minutes or until the sugar dissolves and the syrup begins to boil.

Using a candy thermometer to gauge the temperature, slowly increase heat to high until thermometer reads 300 degrees F. Immediately remove from heat.

Add the remaining ingredients (bacon pieces, chopped pecans, vanilla, butter and baking soda) to mixture. and stir. Be prepared for mixture to foam a bit as the baking soda reacts with other ingredients.